Long-Term Bitcoin Bulls Strong Despite Five-Month High Price

[ad_1]

On-chain analytics provider Glassnode has reported that long-term Bitcoin (BTC) holders are refusing to sell despite the BTC markets rebounding to a record five-month price.

In its Monday Week On-chain report, Glassnode noted that the BTC wallets of long-term holders who have not seen releases for more than 155 days are currently sitting on nearly 13.3 million BTC or 70% of the supply of Bitcoins.

The report notes that long-term holders have increased their collective reserve by more than 2.37 million BTC (around $ 134 billion at current prices) in the past seven months. With only 186,000 BTC newly minted by miners over the same period, Glassnode concluded that long-term whales accumulate 12.7 times more BTC than is created.

Despite long-term holders’ refusal to sell, Glassnode noted an increase in on-chain activity as the price of Bitcoin hit a local high of $ 57,860 on Tuesday.

October saw the number of active addresses on the chain increase 19% to 291,000 levels unprecedented since the meteoric uptrend in December 2020. Glassnode suggested that the spike in activity could foreshadow further bullish momentum, saying:

More active market participants have historically been correlated with increasing interest in the asset during early bull markets.

The report also noted an increase in the median transaction size to around 1.3 BTC per transfer, suggesting an increase in institutional-sized capital flows on the chain. In August, the median transaction size fell to 0.6 BTC per transfer.

Last week, the Bitcoin network recorded its highest daily value settlement of $ 31 billion.

Related: Bitcoin Outflow From Centralized Exchanges Reach 100,000 BTC Per Month

On Tuesday, Glassnode reported that Bitcoin balances on centralized exchanges fell to a three-year low of 2.4 million BTC, further proving that many investors are choosing to seek higher prices.

Industry watchers have suggested that whales could lead the BTC markets ahead of a Bitcoin exchange-traded fund approval this month.

[ad_2]